What happened in the macro environment?
A crazy week for Bitcoin in anticipation of Trump's announcement regarding cryptocurrencies
Bitcoin experienced extreme volatility last week, rising from $78,000 to $94,000, then dropping to $83,000 and bouncing back again. Despite these fluctuations, altcoins gained, driven by speculation about upcoming changes in U.S. policy.
The first-ever U.S. cryptocurrency summit will take place at the White House on March 7, and Trump may potentially announce a strategic reserve in BTC. This news has already triggered significant price movements in BTC, ADA, XRP, SOL, and ETH, as well as the meme token TRUMP, which reflects political sentiments.
While BTC is experiencing significant volatility, political speculation and the growing momentum of altcoins are setting the stage for a serious market shift as the summit approaches.
Meanwhile, the U.S. stock market has seen a strong rebound, coinciding with a decline in the dollar index. Investors are increasingly anticipating that Trump might roll back certain economic actions to stabilize financial markets after recent turbulence in the stock exchange.
As macro events shape cryptocurrency sentiment and altcoins gain popularity, investors should closely monitor market movements in March.